See that I've done the same route, here's the answer: NO (unless you had the E39 sixe hub with hubcentric rings on). The E34 hubs ar smaller than the E39's. I think it's only a difference on 2mm. I've been told that a good machine shop can (one who specializes in custom wheels that is) turn them and make the hub center bigger. Good luck (I was lucky, my Racing Dynamic wheels RGS, were too big for my E34 540 - I needed the rings or I would get a terrible shake at 55 mph)